Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Tina and Rina after various assets (other than cash) and external liabilities have been transferred to Realisation Account:
(i) An unrecorded asset of ₹18,000 was taken over by Tina at ₹16,000.
(ii) Rina agreed to pay her brother’s loan of ₹23,000.
(iii) Stock of ₹30,000 was taken over by a creditor of ₹40,000 in full settlement.
(iv) Expenses of dissolution ₹40,000 were paid by Rina.
(v) Creditors were paid ₹18,800 in full settlement of their account of ₹20,000
(vi) Tina’s loan of ₹15,000 was paid through a cheque.